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15% stake in Namibia block for OVL

2018-09-22 | 10pm

OVL, ONGC Videsh Ltd, the overseas investment arm of ONGC, is all set to acquire stake in offshore Namibia block. As stated by the company, a binding agreement has been signed by OVL with Tullow Namibia Ltd (Tullow), which is a wholly-owned subsidiary of Tullow Oil plc, through ONGC Videsh Vankorneft Pte Ltd (OVVL). According to the agreement, it will acquire 15 per cent participating interest in Namibia Petroleum Exploration License 0030 forBlock 2012A and related agreements (licence) from Tullow’s existing participating interest of 25 per cent in the licence. The statement also added, Eco Oil and Gas Namibia (Pty) Ltd with 32.5 per cent participating interest, Azimuth Namibia Ltd with 32.5 per cent participating interest and National Petroleum Corporation of Namibia (Pty) Ltd with 10 per cent participating interest are other partners in the licence. While addressing the media, an OVL official stated that OVL has made no payouts for the transaction. He further added that valuation of the stake will be in accordance with the quantum of assets discovered. Currently, the licence is under First Renewal Exploration Period, whereas the partners of this joint venture are performing data evaluation to identify a drill prospect. The operator of the license is Eco, whereas Tullow shall acquire another 15 per cent participating interest. If Tullow gets elected to proceed into the second renewal exploration period then it will assuming the role of operator from Eco under the licence. However, the acquisition is subject to the complete satisfaction of customary conditions precedents which comprises of Namibian regulatory and joint venture partners approvals along with grant of a 12-month extension to the First Renewal Exploration Period by the Namibian regulatory authority. .